Starting a business anywhere new, especially as a foreigner, can be quite hectic. To begin with, you do not know the city quite well, and maybe you are afraid of what may go wrong.
To start a business in any other nation, there are requirements that one must fulfill as a foreigner. Here is a look at how to start a business in Uganda.
Steps to start a business in Uganda as a foreigner
To start a successful business in Uganda, one has to do things and the necessary permits one has to acquire. Some of the steps are as below;
- The first step is to know the type of business you want to start and acquire a unique business name.
- The next step is to register your company with the Register Company and later be issued with the certificate of registration.
- Acquire all the necessary licenses from the Ministry of Health and Fire Department. This ensures the safety of your employees and the consumer’s safety, especially businesses that deal with food.
- Register with the local authorities to get a trading license or operating permits.
- For Tax, purposes register with the Uganda Revenue Authority. Once you register your business in Uganda, you will be given a Tax Identification Number like your account number.
- Make sure you have a visa or a legal document that will enable you to start a business in Uganda.
Tips to start a business in Uganda as a foreigner
- Have a business plan that you will follow to the latter. It will help you manage your finances and not overspend.
- Advertise your business using posters and even on social media platforms. Tell your friends to tell other friends so that your business can grow.
- Study the strengths and weaknesses of other businesses in the same field as yours and get to know how they work with them.
- Look for a location with the target market. Urban places near town centers and shopping malls are some of the best places to start almost any business.
- One can also hire employees that will help run and operate the business in an orderly manner.
Important documentation needed when starting a business in Uganda
- A certified copy of the certificate of incorporation
- A passport or visa
- Memorandum and Articles of Association that has been certified by the registrar of companies from the origin country.